Horizon Divests Lake Johnston Project to Forrestania Resources
Horizon Minerals, through its subsidiary Poseidon Nickel, has signed a binding heads of agreement to sell the Lake Johnston project to Forrestania Resources. The consideration includes $30 million in cash and $5 million in Forrestania shares, to be paid in stages upon completion of specified conditions.
The transaction requires regulatory approvals, third-party and governmental consents for tenement transfers, and Forrestania’s successful capital raising. Horizon will use the proceeds to fund the refurbishment and restart of its wholly owned Black Swan processing facility and to support further corporate initiatives.
- Total consideration: $30 million cash and $5 million in shares
- Completion contingent on regulatory and governmental approvals
- Horizon Minerals (seller), Forrestania Resources (buyer), Western Australia, nickel and gold assets
